Wednesday’s movers: Dex, TW Telecom get Sohn boost

WilliamL. Watts

SAN FRANCISCO (MarketWatch) — Dex Media Inc., TW Telecom Inc., and Level 3 Communications Inc. were on the rise after high-profile investors discussed the companies at an investment conference on Wednesday.

Top Tickers Trending

#Sohn2013: These are some of the tickers benefiting from mentions by big-shot hedge fund managers at the 18th annual Sohn Investment Conference in New York. Follow MarketWatch’s live coverage here.

$DXM via #Sohn2013: Dex Media
US:DXM
soared 21% after Kyle Bass of Hayman Capital Management mentioned the company at the conference and said that there is a transformation taking place at the company. Dex Media, which provides marketing services for local businesses, was formed after the completion of the merger of Dex One Corp. and SuperMedia Inc. in April.

$MANU: Manchester United
MANU, -1.19%
shares are off almost 2%, after slumping more than 4% earlier, on the news that Alex Ferguson will retire at the end of the season on May 19. Arguably one of the most successful managers in English soccer history, Ferguson has managed the Red Devils since 1986 and has won 13 league titles.

Although the club may be losing its biggest talisman, the outlook for the team remains bright with an average squad age of 23, said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co.

“With the season culminating this weekend, shares in the company could witness rising volatility at least until a new successor is signed and even then the Premier League is closed for the summer,” he said in a report.

$BBRY: Smartphone-maker BlackBerry
BBRY, -1.30%
recovered some ground, advancing 0.5%, after sinking almost 5% in the previous session. The shares were pressured on Tuesday on an analyst’s assertion that the company might have to cut production of its BlackBerry 10 devices due to slower-than-expected sales.

Cliffs Natural Resources Inc.
CLF, -4.41%
one of the most volatile stocks in the S&P 500
SPX, -1.54%
rallied 8.5%. The mining company on Tuesday declared a quarterly dividend of 15 cents a share, payable on June 3 to shareholders of record on May 17.

J.C. Penney Inc.
JCP, -0.56%
shares rallied 7.4%, touching $17.88 a share at one point, their highest level in two months, according to FactSet. The retailer late Tuesday released preliminary figures for its fiscal first quarter, reporting sales slid 16% to $2.64 billion and comparable-store sales fell 16.6%. But analysts like the fact that the department store got the bad news out of the way. “The underlying trend is likely stabilizing once normalizing for the home construction and a current lack of inventory,” said J.P. Morgan’s Matthew Boss in a note.

Lowe’s Cos.
LOW, -1.63%
shares climbed 5.1%. The stock was upgraded to buy from neutral at ISI Group, according to investment website Benzinga.com.

United States Steel Corp.
X, -3.57%
shares rose 5.7% ahead of its ex-dividend date of Friday, the date the seller keeps the dividend. The steel company last week declared a dividend of 5 cents a share.

TripAdvisor Inc.
TRIP, -2.39%
shares declined 4.6%, among the worst performers in the S&P 500. The travel website said Tuesday its first-quarter profit rose to 43 cents a share from 35 cents a share. However, shares were pressured on concerns that the rollout of its new search tool could lead to headwinds in the short term.

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